UK bookmaker William Hill yesterday rejected a £3bn proposed takeover proposal submitted by rivals 888 Holdings and the Rank Group, as the summer’s big gaming M&A story took another twist.
On Sunday, 888 and Rank submitted an improved proposal to the board of William Hill, following the rejection of an initial approach.
The bid offered William Hill shareholders 199 pence in cash and 0.86 new 888 shares for each William Hill share held currently. This would have given existing William Hill shareholders a 48.8 per cent stake in the enlarged group.
William Hill had labelled the initial bid “highly opportunistic” and it seems the parties continue to disagree on the valuation of the bookmaker.